CFO Moves: Office Depot, Coty, Marvell Technology

Office Depot Inc., the Boca Raton, Fla.-based office supply chain that merged with Naperville, Ill.-based rival OfficeMax Inc. in November and is still deciding on a single corporate headquarters, late Monday named Stephen Hare its CFO, effective immediately. He replaces co-CFO, Mike Newman, who is retiring, and interim co-CFO, Deb O’Connor, an OfficeMax veteran who will return to her role of co-chief accounting officer. Compensation information for Mr. Hare wasn’t immediately disclosed. Mr. Hare was most recently CFO of fast-food chain Wendy’s Co., and now rejoins Roland Smith, once his chief executive at Wendy’s, who was named CEO of the combined company in November.

Coty Inc., a cosmetics and fragrances firm based in New York, said Patrice de Talhouët will take over as CFO early next year, succeeding Sérgio Pedreiro, who will stay with the company through March to help with the transition and complete its fiscal second-quarter earnings release. Compensation information for Mr. de Talhouët wasn’t immediately disclosed. For the year ended June 30, 2012, the most recent available, Mr. Pedreiro earned compensation valued at $2.7 million, including a salary of $515,000, an option award valued at $1.5 million and a bonus of $681,300, according to the prospectus for its initial public offering in June. Mr. de Talhouët was previously corporate finance officer for the Americas region for confectioner and pet food maker Mars Inc., and was the dean of its internal finance university. He was also the CFO of the Europe region for its Mars Global Chocolate division.

Marvell Technology Group Ltd., a semiconductor company based in Bermuda, said Brad Feller resigned as interim chief financial officer, effective Dec. 10, to pursue other opportunities. The company will continue its search for a permanent CFO; Marvell has been without a permanent CFO since Clyde Hosein resigned in October 2012. Mr. Hosein received compensation for its February-ended fiscal year, through his October 16 departure, valued at $3 million, including a salary of $348,692 and equity awards valued at $2.6 million, according to Marvell’s most recent proxy statement. Mr. Feller, meanwhile, received compensation valued at nearly $1 million, including a salary of $287,642, a bonus of $40,000 and an option award valued at $656,381 for the full fiscal year; he did not receive a raise when he was named interim CFO but was given a $50,000 increase during the current fiscal year, retroactive to Oct. 16.

Deloitte's Financial Reporting Alert discusses certain key accounting and financial reporting considerations related to the current economic conditions in the eurozone and Puerto Rico, including a summary of financial reporting implications that would result from a country's decision to exit the eurozone and an outline of disclosures recommended by the SEC in 2012 about European sovereign debt.